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Accounting & Auditing Update

The "Accounting & Auditing Update" is written by Tammy Whitehouse, a veteran business writer who has been a regular contributor to Compliance Week since 2005. Her work has also appeared in industry journals and periodicals including Journal of Business Strategy, Strategy & Leadership, Compensation & Benefits Review, Inc, Buyside, and myriad others. Whitehouse welcomes questions and comments from readers; she can be reached via e-mail at twhitehouse@complianceweek.com.
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Accounting & Auditing Update Blog
SEC disciplines Crowe, two partners over audit failures
Tammy Whitehouse | December 26, 2018
The SEC has settled charges against Crowe and two of its partners for “significant audit failures” connected to a payroll services firm that went bankrupt.
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Accounting & Auditing Update Blog
PCAOB finalizes new standards on estimates, specialists
Tammy Whitehouse | December 21, 2018
Auditors have new rules to follow in auditing accounting estimates and in relying on the work of specialists to arrive at audit opinions.
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Accounting & Auditing Update Blog
ISACA issues COBIT 2019 to help reboot IT governance
Tammy Whitehouse | December 20, 2018
ISACA has updated its COBIT framework and issued some accompanying guidance to help companies refresh their information and technology governance.
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Accounting & Auditing Update Blog
FASB plans January roundtable to address CECL tension
Tammy Whitehouse | December 20, 2018
Amid growing tension over a pending new standard on recognizing credit losses, the Financial Accounting Standards Board says it will convene a roundtable in January.
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Accounting & Auditing Update Blog
Banking regulators approve CECL relief measure
Tammy Whitehouse | December 19, 2018
Banking regulators issued some relief for banks worried about the effects of adopting CECL, but bankers are still concerned it won’t go far enough.
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Accounting & Auditing Update Blog
GE audit committee considers replacing KPMG as auditor
Tammy Whitehouse | December 17, 2018
GE’s audit committee has initiated a tender process to consider replacing KPMG as its external auditor.
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Accounting & Auditing Update Blog
PCAOB plans continued focus on review controls in 2019
Tammy Whitehouse | December 12, 2018
The PCAOB saw some improvement in the audit of management review controls during its 2018 inspections, but it’s still an area of focus into 2019.
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Accounting & Auditing Update Blog
FASB chair dismisses any delay of lease rules
Tammy Whitehouse | December 12, 2018
Amid technology challenges and minor changes to the pending new lease accounting rules, FASB is standing firm on the Jan. 1 effective date.
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Accounting & Auditing Update Blog
New GAAP rules drive audit fee increases, poll says
Tammy Whitehouse | December 11, 2018
New accounting standards and M&A activity are driving modest increases in audit fees for public companies, according to a new FERF survey.
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Accounting & Auditing Update Blog
CAMs may drive more management disclosure, dry runs reveal
Tammy Whitehouse | December 10, 2018
A pending requirement for auditors to disclose critical audit matters in their reports may compel management to take a closer look at their own disclosures.
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Accounting & Auditing Update Blog
House plans hearing on CECL’s effect on economy, banks
Tammy Whitehouse | December 10, 2018
The SEC may be hands-off with respect to CECL, but the House Financial Services Committee is exploring the expected effect of the accounting change on the economy.
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Accounting & Auditing Update Blog
SEC, PCAOB spill frustration over China stonewall
Tammy Whitehouse | December 9, 2018
U.S. regulators are contemplating what next steps they can take to rattle some greater cooperation out of overseas regulators, especially in China.
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Accounting & Auditing Update Blog
Two big holdouts still follow 1992 COSO framework
Tammy Whitehouse | December 9, 2018
A handful of holdouts are still disclosing they comply with SOX internal control reporting requirements by following a defunct COSO framework.
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Accounting & Auditing Update Blog
PCAOB plans new focus on quality control in inspections
Tammy Whitehouse | December 7, 2018
The PCAOB plans to take a much closer look at how firms manage audit quality in 2019, retooling the inspections process to focus on quality control systems.
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Accounting & Auditing Update Blog
IIA reviews ‘three lines’ model, plans new paper
Tammy Whitehouse | December 5, 2018
The Institute of Internal Auditors is performing a new review of the “three lines of defense” model it has long embraced as a basis for sound risk management.
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Accounting & Auditing Update Blog
EY plans succession as global chairman, CEO resigns
Tammy Whitehouse | December 4, 2018
EY says it will name a new global chairman and CEO in January to replace Mark Weinberger, who plans to step down July 1, 2019.
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Accounting & Auditing Update Blog
Lease accounting adoption taps corporate resources
Tammy Whitehouse | December 4, 2018
The year-end push to adopt new lease accounting is taking more time and more money than companies expected, according to a new poll by EY.
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Accounting & Auditing Update Blog
Former Autonomy execs face fraud charges in HP deal
Tammy Whitehouse | December 3, 2018
A federal grand jury has delivered indictments against former Autonomy executives in connection with HP’s failed acquisition of the U.K. technology business.
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Accounting & Auditing Update Blog
Amazon pushes back on SEC revenue disclosure comment
Tammy Whitehouse | November 29, 2018
The SEC is getting some pushback from Amazon over how it breaks up and reports revenue for its different streams under ASC 606.
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Accounting & Auditing Update Blog
Former, current KPMG women seek class status in lawsuit
Tammy Whitehouse | November 28, 2018
More than 1,100 women who are current and former KPMG professionals are seeking class status for their various allegations of gender discrimination.
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Accounting & Auditing Update Blog
FASB proposes updates to financial instrument rules
Tammy Whitehouse | November 27, 2018
FASB has issued a proposal to amend rules on three major standards on financial instruments to address clarity and implementation issues.
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Accounting & Auditing Update Blog
Rite Aid shareholders vote against Deloitte as auditor
Tammy Whitehouse | November 20, 2018
A sizable chunk of Rite Aid’s shareholders has told the board it would like to dismiss Deloitte and hire a new audit firm.
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Accounting & Auditing Update Blog
No change in audit-non-audit mix in U.S., KPMG says
Tammy Whitehouse | November 20, 2018
Amid reports that KPMG is drawing a firmer line between audit and non-audit services in the United Kingdom, the firm has no similar plans in the United States.
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Accounting & Auditing Update Blog
FEI group provides guides on leases, CECL controls
Tammy Whitehouse | November 16, 2018
FEI’s corporate reporting group has developed its own guides for preparers on how to assure sound controls with major new accounting adoptions.
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Accounting & Auditing Update Blog
Lease accounting adoption still behind, PwC poll says
Tammy Whitehouse | November 13, 2018
More than 15 percent of public companies surveyed in late October had not yet begun implementing the new lease accounting standard that takes effect Jan. 1.
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